UPDATE: Stifel Nicolaus Starts Inovio Pharmaceuticals (INO) at Buy

Stifel Nicolaus initiated coverage on Inovio Pharmaceuticals (NYSE: INO) with a Buy rating and a price target of $4.00. Analyst Brian Klein thinks its active immunotherapy platform will create significant investor interest.

"We are initiating coverage of Inovio Pharmaceuticals (INO) with a Buy rating and $4 target price, as we believe the company represents an attractive biotechnology opportunity within the immunotherapy landscape. We view lead pipeline asset VGX-3100, a therapeutic vaccine to treat cervical intraepithelial neoplasia, as a compelling candidate with pending Phase 2 clinical data in mid-2014, which we believe represents a significant data event. In addition, we view the company’s broad platform technology as a promising scientific engine for the discovery and development of activating immunotherapies for oncology and infectious diseases." said Klein.

"We view the near-term VGX-3100 data readout as a compelling, albeit binary, risk/reward opportunity; the commercial opportunity for CIN treatment remains large and underserved, in our opinion. We forecast positive top-line results in mid-2014 for VGX-3100 for the treatment of Grade 2/3 cervical intraepithelial neoplasia (CIN), a potential precursor of cervical cancer, based on the compelling Phase 1 data which demonstrated a robust induction of HPV-specific T-cells in 78% of vaccinated patients. We believe that a viable vaccine for high grade CIN disease could represent a billion-dollar commercial opportunity and could further address other HPV-induced cancer indications, such as ano-genital cancer, overt cervical cancer and Head and Neck (N&N) cancer. In addition we note that this first randomized data readout is particularly important asit should provide some validation of the company’s underlying vaccine technology," he added.

For an analyst ratings summary and ratings history on Inovio Pharmaceuticals click here. For more ratings news on Inovio Pharmaceuticals click here.

Shares of Inovio Pharmaceuticals closed at $2.26 yesterday.

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